The Macro Moment: Talking About Gold
Gold is a commoidty that is apt to follow the general trend. Of course, this is not exact. In fact, gold preceded the run by about 18 months. Since the start of the year, it has actually lagged.
In this video I discuss where gold might head next. This is going to depend, in part at least, on the overall commodity market. Will we see this laggard catch up.
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BEER.I've been a fan of gold for a long long time. I've also been a big fan of Peter Schiff for a long time. I am sure glad I didn't listen to him on gold vs cryptos the past few years though.
Summary:
In this video, Task discusses the current state of the gold market within the context of the broader commodity market. He explores the recent performance of various commodities, especially gold, in relation to the ongoing bull market for commodities. Task also touches on the potential for a rotation of funds from other commodities into precious metals like gold and silver. Additionally, he considers the impact of inflation on precious metals and speculates on potential future trends in the commodities market.
Detailed Article:
Task starts the video by addressing the buzz around gold, particularly mentioning prominent figures like Peter Schiff who have been championing the idea of $5,000 gold for years. He notes the ongoing bull market for commodities, citing the surge in oil prices and attributes this trend to the disruptions caused by the COVID-19 pandemic in 2020, which kickstarted the rally across various commodities.
The analysis delves further into the performance of specific commodities. Task points out the significant increase in the price of oil and the subsequent increase in demand for commodities like iron ore and gold. He highlights that gold had a massive run-up in 2018 but has been down this year, unlike iron ore and lumber, which also experienced sharp fluctuations.
Task discusses the potential future outlook for commodities, suggesting that commodity cycles typically last 24-36 months. He contemplates whether there will be a shift from winning commodities to precious metals if the bull market in commodities continues. Moreover, he brings attention to the competition between gold and cryptocurrencies, like Bitcoin, for investment, mentioning grayscale's assets under management surpassing that of the largest gold ETF.
Furthermore, the video reflects on the role of inflation in driving precious metals prices, with Task cautioning against hyperinflation expectations. He emphasizes the importance of monitoring leading economic indicators to predict future inflation trends accurately. Task concludes by pondering whether precious metals will regain momentum, considering their performance in the previous years.
In conclusion, the video provides a comprehensive analysis of the current state of the gold market amidst a booming commodity market. Task offers insights into potential investment shifts, the impact of inflation on precious metals, and speculates on future trends based on economic indicators. The discussion is valuable for viewers looking to understand the dynamics of the commodities market and the factors influencing the price movements of gold and other precious metals.